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UK Supreme Court thwarts Maduro's bid to control $1.9 billion of Venezuelan gold
By Jane Croft
Financial Times, London
Monday, December 20, 2021
The UK’s Supreme Court today dealt a blow to Venezuelan president Nicolás Maduro in his fight to gain control of $1.9 billion of disputed gold reserves after it ruled that opposition leader Juan Guaidó should be recognised as the country's legitimate head of state.
... Dispatch continues below ...
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The UK's highest court had been asked to determine which of the two men had the authority to appoint board members at the Central Bank of Venezuela who will decide what happens to the gold reserves held on behalf of the Latin American country in the Bank of England's vaults.
Maduro, who was re-elected as president in May 2018, wants to sell the gold reserves under UN auspices to aid Venezuela's fight against the coronavirus pandemic. However, Guaidó, recognised by the UK, US, and some Latin American and European countries as Venezuela's leader, is fighting to keep the reserves at the Bank of England and claims the Maduro-run central bank only wants to appropriate the gold. ...
... For the remainder of the report:
https://www.ft.com/content/6b401c73-88c6-4e7e-a064-877e357aa0df
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